Chardan Capital Reiterates “Buy” Rating for Opus Genetics (NASDAQ:IRD)

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating restated by analysts at Chardan Capital in a note issued to investors on Monday,Benzinga reports. They presently have a $13.00 price target on the stock. Chardan Capital’s price target suggests a potential upside of 200.58% from the stock’s previous close.

IRD has been the topic of several other research reports. B. Riley Financial reaffirmed a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. Citigroup assumed coverage on shares of Opus Genetics in a report on Tuesday, April 28th. They set an “outperform” rating for the company. Zacks Research raised Opus Genetics from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Wall Street Zen cut Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Cantor Fitzgerald initiated coverage on Opus Genetics in a research report on Monday, March 30th. They issued an “overweight” rating and a $15.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Opus Genetics presently has an average rating of “Moderate Buy” and a consensus target price of $10.77.

Opus Genetics Stock Performance

Shares of IRD stock traded up $0.10 during trading hours on Monday, hitting $4.33. The company had a trading volume of 440,420 shares, compared to its average volume of 948,153. Opus Genetics has a 12 month low of $0.98 and a 12 month high of $5.81. The firm’s fifty day moving average is $4.41 and its 200 day moving average is $3.85. The firm has a market capitalization of $357.12 million, a price-to-earnings ratio of -3.25 and a beta of 0.55.

Opus Genetics (NASDAQ:IRD) last posted its earnings results on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.59). Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%.The company had revenue of $2.16 million for the quarter, compared to the consensus estimate of $2.93 million. On average, sell-side analysts expect that Opus Genetics will post -1.08 EPS for the current fiscal year.

Insider Activity

In other Opus Genetics news, insider Ashwath Jayagopal sold 7,542 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.19, for a total transaction of $39,142.98. Following the completion of the sale, the insider owned 509,233 shares in the company, valued at approximately $2,642,919.27. The trade was a 1.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Benjamin R. Yerxa sold 7,470 shares of Opus Genetics stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.24, for a total value of $39,142.80. Following the sale, the president directly owned 711,535 shares of the company’s stock, valued at approximately $3,728,443.40. This trade represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 1,738,703 shares of company stock worth $7,596,606. Corporate insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

Institutional investors and hedge funds have recently made changes to their positions in the company. Occudo Quantitative Strategies LP acquired a new position in Opus Genetics in the fourth quarter valued at about $25,000. Comerica Bank bought a new position in shares of Opus Genetics during the 1st quarter valued at about $29,000. Virtu Financial LLC acquired a new position in shares of Opus Genetics in the 4th quarter valued at approximately $34,000. Raymond James Financial Inc. grew its position in shares of Opus Genetics by 95.6% in the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after purchasing an additional 11,000 shares during the period. Finally, Johnson Investment Counsel Inc. bought a new stake in Opus Genetics during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 14.97% of the company’s stock.

About Opus Genetics

Opus Genetics Inc is a clinical-stage ophthalmic biopharmaceutical company, focuses on developing and commercializing therapies for the treatment of unmet needs of patients with refractive and retinal eye disorders. Opus Genetics Inc, formerly known as Ocuphire Pharma Inc, is based in Farmington Hills, Michigan.